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A Millennial’s View On Life Insurance

I AM THE "TOKEN MILLENNIAL" OF THE Chestnut team. Millennials, as described on Wikipedia are also known as the Millennial Generation or Generation Y, are the demographic cohort following Generation X: researchers and commentators use birth years ranging from the early 1980s to the early 2000s.

As the insurance coordinator I have come to learn much about the need & purpose of life insurance. For the most part since I have been working here I have seen clients apply for life insurance simply because they have families to consider and provide support when they are gone. But what about my generation who has not yet settled into a family- has the thought even crossed their minds? I have a friend who is single and lives alone that just recently opened his own auto body shop, and the business just sky rocketed. He is of my generation and life insurance was not a priority for him and it still isn't. What if something happens in his shop and poof: in a blink of an eye he is gone. Who pays for the remaining costs of the shop, debts, or obligations left behind? If he applied for life insurance he would have debts paid to those creditors remaining, funeral costs covered, and minds at ease. Life insurance is like a backup plan that will support your loved ones when you are gone.

Answer this questions for me: would you buy the extra insurance for your smart phone for protection to damages, lost or stolen? If you answered yes, then why not pay a reasonable fee every year to have insurance protection for our loved ones? When you apply for life insurance in your early twenties the costs are quite low and affordable. We need to take advantage of our youth and the fact that we are healthy to be able to afford that low premium offered by the insurance companies due to our low age and great health. "Young people in general tend to assume they're absolutely invulnerable," says Steven Weisbart, Chief Economist for the Insurance Information Institute. "But young adulthood is also an ideal time to lock in low rates on policies, he adds. When you're young, it's really cheap... this is a good time to buy," he adds.

I am not telling you to jump into anything, but take a minute and think about how much debt you have, or how much you contribute in your household income- who’s going to be responsible for the payments when you're gone? Hopefully that person is you because you applied for life insurance. So what do you say millennials, let's be smart and show them that we got what it takes to prepare ourselves for our futures! If you need help the Chestnut team is here, and we are on your side!

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